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Austrian Meinl European Land to acquire shopping center in Riga

2. August 2005

The Austrian real estate company Meinl Europan Land will acquire the Aplis shopping center in Riga

Meinl European Land has signed contracts with the Danish TK Development to purchase the shopping center Aplis, which is supposed to be opened in May of 2006. The shopping center in Riga's will be built at the former Latlada premises and have an overall floor space of 25.000 sqm with investments of EUR 40 Mio. MEL expects an annual return on investment of 9,5 %. All rental agreements with anchor tenants have already been signed. The object will be handed over from TK Development to MEL after completion and fully rented out.
Meinl European Land is one of the leading Austrian real estate companies, which invests into retail real estate in Central and Eastern Europe. By the mid of 2005 MEL owns and manages 174 retail real estates in the Czech Republic, Slovak Republic, Hungary, Poland, Latvia, Romania and Russia. The aggregate floor space of its holdings is 900.000 sqm with an annual rental income of EUR 90 mio.